<p>I called USC’s FA office yesterday, and they told me that it was possibly because our parents own a home. I explained to them my financial situation, but it didn’t really change anything. The counselor just repeatedly told me that “this is a GREAT financial package, as USC is a highly prestigious school.” blah blah. I think I will have to go visit them in person when I go to USC’s open house.</p>
<p>Don’t just look at the college either. Look at the surrounding area. The small neighborhoods. The shops. The stores and malls. Look at the people most of all. Remember, this is a commitment that you can transfer out of but most likely will be a four year commitment. Definitely absorb the surrounding area.</p>
<p>Don’t do it! I went to USC, and graduated 20 years ago. I am still trying to pay for my loans, and am living on some federal assistance. Now, even though they are high achievers, I am advising my kids to go to less expensive universities, so that they will not have to be in debt right after their college careers. I believe they can still get a good education without having to get into so much debt.
If you really want to go there, I advise you to talk to a financial aid counselor, and see if you can convert some of the loans to scholarship and/or work-study awards. Really…try not to take out too many loans!</p>
<p>My post was supposed to be a reply for starlight68’s 1st post.</p>
<p>Perhaps the $4500 EFC includes a student contribution from summer earnings. Most schools expect students to work over the summer and contribute toward school. Even the Ivy League schools require a student contribution, usually around $2-3,000. Can you earn that over the summer? How bout working during the school year? Did USC offer you work-study? Work-study of $2000 is pretty typical, although some schools offer more/less. W/S isn’t included in the FA pkg but listed separately. I guess because it’s optional (earn as you go, use toward personal expenses). </p>
<p>I would think with that low of a family income, you would qualify for the simplified needs test or whatever it’s called where FAFSA doesn’t look at your parents assets. That might be why your FAFSA EFC is 0. But I don’t think the CSS Profile has a simplified needs test (I could be wrong). I THINK Profile schools look at everything (including your parents business/assets). So, that could explain the increase in EFC. USC may count home equity and the business assets (do they own a business property/store?) and any $ in savings/investment accts. </p>
<p>I’m not exactly sure if Simplified Needs test ignores student assets on FAFSA. Do you have money in the bank (perhaps your savings for Korea)? Many schools assess student’s assets at 20%.</p>
<p>Actually your main premise is not quite true. Most high achieving students can find a college that they can afford even from a low income situation. It may not be the college you have in mind, however. Certainly, not USC that has high standards of admissions. You have to look for schools that will pay 100% of your need. Momfromtexas has a thread about that.</p>
<p>Is this actually that great a burden? Even if you can’t find a job, and USC doesn’t allow you to add any scholarships you might get to their package, would it be so terrible to come out of a school like USC with 20K in student loans?</p>
<p>I know student loans can be crippling to kids when they’re 200K, but when they’re 20K? That’s a pretty nice deal. Its tough for a family to pay half their income for College, but that seems like a moderate size for a student loan, and something you’ll be able to pay off before you’re old enough to worry about even taking a mortgage (depending on your life path, I guess).</p>
<p>Get registered at Education Giving ([Education</a> Giving - Money for School; Help a Student for College & Schools; Tax Deduction](<a href=“http://www.educationgiving.org%5DEducation”>http://www.educationgiving.org)). I just did it.</p>